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Bloomberg
NRG Energy Inc. withdrew an earlier full-year profit forecast and said it expects a $750 million loss due to the brutal cold snap that froze Texas and led to sweeping blackouts across the state.
“Based on new information available to us, we are unable to provide financial guidance due to the unprecedented and unpredictable market outcomes resulting from winter storm Uri,†CEO Mauricio Gutierrez said. NRG is the latest power company to report taking a hit from the bitter cold after electricity prices surged to $9,000 a megawatt-hour during the blackouts and providers had to turn to the spot market to meet contractual obligations.
State lawmakers are considering a plan to claw back some of those payments, though it’s faced significant barriers.